Australia’s retail industry includes many successful family-owned and private businesses across multiple sectors, primarily food and grocery, health and beauty, clothing and footwear and electricals. The power of external disruption continues to accelerate the urgent need for change in retail. The landscape is evolving as never before, with every sector’s primary stakeholder groups – customers, suppliers, employees and investors – considerably and simultaneously changing their behaviour and expectations.

Changing consumer needs and behaviours, cost of living pressures, supply chain vulnerabilities and an extremely tight labour market are making it increasingly important for retailers to act now. Experimentation is expensive and staying lean to balance expenditure is generally the default position in challenging economic times. However, standing still can be a bigger risk. By being decisive and focusing on the long term, retailers can considerably outperform their competition both during and after a downturn. Being a leader and staying a leader requires an agile and focused strategy.